What the manager wrote
Axsome Therapeutics Inc. (AXSM) was a new addition to investor portfolios in January of 2025 and has been a positive contributor since. Axsome is a biopharmaceutical company focused on central nervous system conditions such as Alzheimer’s Disease Agitation, Major Depressive Disorder, Migraines, and Fibromyalgia. Their products target a broad range of serious conditions that impact over 150 million people in the United States. Axsome has 4 products commercially available today with 2 others in late stages of approval. These products have the potential to provide over $16 billion in peak sales in comparison to Axsome’s $630 million of revenue in 2025. Auvelity, an oral drug for major depressive disorder, has quickly ramped to over $500 million in sales in 2025. The FDA has given Axsome accelerated review for a label expansion to Alzheimer’s Disease Agitation, which could be a significant catalyst for the stock.